Understanding the Community Reinvestment Act Modernization Proposal

On July 12, the Federal Reserve Bank of New York will host a virtual event to educate the public on an interagency proposal to modernize regulations implementing the Community Reinvestment Act (CRA). The CRA is a landmark law that requires the Federal Reserve Board and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities where they do business, including low- and moderate-income neighborhoods. The last significant interagency update to CRA regulations was in 1995.

Event details

At this event, hosted in partnership with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), representatives from the New York Fed and the Federal Reserve Board will provide an overview of the proposal and answer pre-submitted questions about the proposed updates to CRA regulations.

The Federal Reserve Board, the FDIC, and the OCC issued a joint proposal on May 5, 2022 that would, among other things, expand access to credit, investment, and basic banking services in low- and moderate-income communities, adapt to changes in the banking industry, and provide greater clarity, consistency, and transparency. The agencies are currently requesting public comment on their joint proposal.

For more information on the proposal or to submit a comment, please visit the Federal Reserve Board’s webpage on the proposed rulemaking. The deadline for submitting comments is August 5, 2022.

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